Lloyds Banking Group teams up with PayTech Form3 to enhance payment processes

lloyds bankingLloyds Banking Group announced that it has entered into a partnership with cloud-based PayTech Form3 in a bid to speed up and enhance the digital customer experience. The collaboration is expected to enable Lloyds to create a Payments-as-a-Service platform to improve its payment processes. The PayTech will simplify Lloyds’ payment capabilities, form the basis for the Group’s response to the industry NPA initiative, and provide support for enhanced data and new overlay services.

Otto Benz, Director, Payments Technical Services at Lloyds Banking Group, said, “Simplifying payments architecture while enhancing security and performance are critical to our digitisation of the Group. The potential of the cloud in payments is enormous and is firmly at the forefront of our strategy. We are committed to working with the most innovative technology providers, including Form3, to deliver a range of solutions that push the boundaries of what’s possible while reducing risk and providing customers with an improved digital experience.”

Lloyds has also stated that it will be acquiring a minority equity stake in Form3 as part of its next investment round. Form3, founded in 2016, is a payment technology FinTech that aims to simplify payments architecture capabilities while offering support for the industry New Payments Architecture (NPA) initiative through its cloud-native Payments-as-a-Service for the UK and Europe’s banks and FinTechs.

Recently, Lloyds Bank announced the addition of a new subscription management service to its mobile banking app, in partnership with Swedish FinTech Minna Technologies and Visa.

Michael Mueller, CEO at Form3, commented, “We believe this is an opportunity to support Lloyds’ transformation using our rapidly evolving technology. The partnership is breaking new ground in collaboration by enabling Lloyds to utilise best in class software built to harness the unique properties of the cloud.”

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